Data: If Ethereum loses the $1,600 support level, it may fall to $1,200

According to ChainCatcher, 10x Research analysis indicates that Ethereum is currently at the $1,600 support level. If this level is breached, the next target is $1,200, which marks the retracement since the FTX collapse. Ethereum’s current price is below both the 7-day and 30-day moving averages, with a weekly decline of 7.4%. The recent 20% layoff by the Ethereum Foundation has triggered a sharp price drop, while warnings of a funding crisis after the expiration of a key developer incentive program have further dampened market sentiment.